Hong Kong Private Company Procedures and Fees for Deregistration

Unless otherwise indicated, the Hong Kong Company stated in this quotation refers to a private company limited by shares incorporated in Hong Kong in accordance with the Hong Kong Companies Ordinance.

When a Hong Kong registered company ceased its business and is not expected to commence business again, the company may apply for deregistration at the Companies Registry. Deregistration is a relatively simple, inexpensive and quick procedure for dissolving defunct private companies who meet certain specific requirements.

Summary

Our fees for the deregistration of a Hong Kong private company is HKD4,800. The fees quoted include our professional service fees and officially filing fees. It does not include miscellaneous expense such as courier fee.

The deregistration of a Hong Kong private company will take around 4 to 6 months, assuming that there are no outstanding returns to be filed or outstanding taxes to be paid and no further accounting and/or auditing is required.

It is possible that the tax authority may require a company applying to be deregistered to prepare the last set of financial statements and/or requires that the financial statements be audited. Kaizen is a licensed public accounting firm in Hong Kong and can handle the accounting and auditing if so requested.

1. Hong Kong Company Deregistration Fees

Our fees for the deregistration of a Hong Kong company is HKD4,800, including our service fees and the official registration fee.

Our fees quoted above does not include the courier fees. Kaizen could assist to handle the closing of the bank account, our service fee will be HKD1,500.

During the deregistration of the company, if the company that intends to revoke has undeclared declaration (such as employer’s return or an income tax return), Kaizen could assist to handle the declaration and the fee will quote upon request. Besides, the Hong Kong Inland Revenue Department may require the company to prepare the final financial statements before the suspension of the company and submit audited financial statements. If the tax bureau has such request, Kaizen could provide the audit service and the fees will quote upon request.

2. Our Hong Kong Company Deregistration Services

Our deregistration services include:

(1) Review the company registration documents and tax declaration documents, in order to confirm that the company do not have un-submit declaration form or unpaid tax
(2) Prepares the application form and meeting minutes of the board of directors for the deregistration of the company;
(3) Apply for Notice of No Objection to a company being deregistered in Hong Kong Inland Revenue Department (IRD);
(4) Apply for deregistration in Hong Kong Companies Registry;
(5) Pay for the government official registration fee.

Remarks: If the company has un-submit the declaration form, or has any unpaid tax to the Hong Kong government, the company must apply for such declaration and pay all the taxes before applying for the deregistration of the company.

3. Hong Kong Company Deregistration Procedures

(1) Kaizen assist the client to apply “Notice of No Objection to a Company Being Deregistered” in Hong Kong Inland Revenue Department (IRD) and paid for the official registration fee;
(2) The director of the tax bureau issue the “Notice of No Objection to a Company Being Deregistered”;
(3) Kaizen prepares the documents for the deregistration of the company and submits to the Companies Registry after received the “Notice of No Objection to a Company Being Deregistered”;
(4) The Hong Kong Companies Registry will issue a Gazette, company is official deregistered.

4. Required Documents and Materials

Before conducts the deregistration of the company, the client needs to provide the following documents by email, mail or courier to Kaizen office.

(1) A copy of the latest annual return;
(2) A copy of the latest business registration certificate;
(3) The name and address of the authorized shareholder or director that are going to sign for the deregistration documents;
(4) The business suspension date.

If Kaizen is the company secretary of your Hong Kong Company, you will only need to provide the business suspension date.

5. Estimated Time Frame

The application of the “Notice of No Objection to a Company Being Deregistered” will takes around 2 to 4 weeks, the Companies Registry will take about 6 months to handle the deregistration of the company. The whole procedure to deregister the company will take around 4 to 6 months.

6. IMPORTANT NOTE

Before handling the deregistration of the company, the client shall check whether the company has the account receivable or the deposit. If so, clients shall withdraw the funds and transfer the capital of the company before deregistration of the company. If there are funds in the bank accounts, it will count as the property of Hong Kong Government when the company is official deregistered.